Investing with a family member

[Jessica Landon]

I am a first time home buyer who is planning on purchasing the townhome that I currently rent. I am unable to qualify on my own but my mom is willing to co-sign with me and we were approved today. In talking with her she feels that because she is co-signing, my plan to refinance her off in a year should result in me buying her out 50% of the value. She is not putting any money in for anything and only co-signing. I will be the one living there, making payments and managing the renters. Should she be entitled to a 50% buy out with no money in?